Bengaluru based startup NoBroker announced on Tuesday that it has raised $210 Mn in its Series E funding round. General Atlantic, Tiger Global and Moore Strategic Ventures spearheaded the funding round. With thi
s unicorn, the Bengaluru based startup has become India’s first proptech startup to earn a unicorn tag.
The eight year old startup clocked a post funding valuation of $1.01 Bn in its latest Series E round. NoBroker is now the 38TH unicorn of the ongoing year.
The Tiger Global backed startup will use the funds to ramp up its existing product & technology team, penetrate further in the existing and foray into newer & unexplored markets.
NoBroker’s latest unicorn valuation is almost 2.5X increase from its previous paltry valuation of $400 Mn during its last funding round in 2020. Till date, the startup has scooped up $360 Mn. it also counts Elevation Capital and Paytm CEO Vijay Shekhar Sharma among its many high-profile investors.
Founded in 2013 by Garg, Akhil Gupta and Amit Kumar Agarwal, NoBroker is a brokerage free platform that allows people to find and rent new homes without having to paying any brokerage fees. The Bengaluru headquartered startup also covers customer’s entire journey – from listing a property, hiring packers & movers, securing a home loan, painting, legal services so and so forth.
Alongside, NoBroker runs a new vertical called NoBrokerhood, which essentially competes with another well-funded and high profile startup in the same vertical ‘MyGate.’
Real estate sector was adversely impacted due to Covid-19 lockdown. However, NoBroker claims that it bucked this trend to clock a impressive growth during the tough period of Covid lockdown.
The company’s operational revenue in FY20 stood at Rs 63.34 Cr. The company further claims that its revenue has been tripling every year.